markets

The AI supply chain is soaring thanks to Amazon’s capex budget

If tech companies are going to spend way more than expected on capex, well, that means other companies are poised to benefit from that massive spending spree.

Amazon’s plan for $200 billion in business investment this year was the exclamation point to end a reporting period that saw every Magnificent 7 hyperscaler that provides guidance offer a 2026 capex budget well above what Wall Street had anticipated.

Here’s a look at the different parts of the supply chain that are soaring on the persistent demand for, and seeming scarcity of, AI compute:

Data center/neocloud companies: Applied Digital, CoreWeave, Cipher Mining, and Nebius, with some of these seemingly getting an extra lift from their legacy role as crypto miners.
Chips: the usual suspects — Nvidia, Broadcom, and Advanced Micro Devices.
Racks: Super Micro Computer, which is continuing its strong run following earnings, and Dell.
Power: Oklo, Nuscale, and Plug Power.

Big Tech capital expenditure soared in 2025. It’s going up another 50% in 2026.

Big Tech capital expenditure soared in 2025. It’s going up another 50% in 2026.

Here’s a look at the different parts of the supply chain that are soaring on the persistent demand for, and seeming scarcity of, AI compute:

Data center/neocloud companies: Applied Digital, CoreWeave, Cipher Mining, and Nebius, with some of these seemingly getting an extra lift from their legacy role as crypto miners.
Chips: the usual suspects — Nvidia, Broadcom, and Advanced Micro Devices.
Racks: Super Micro Computer, which is continuing its strong run following earnings, and Dell.
Power: Oklo, Nuscale, and Plug Power.

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Max Knoblauch28m

Airlines rise, continuing their volatile 2026, as US-Iran talks may foreshadow some oil supply relief

Airline stocks are surging on Friday, as the market appears to be pricing in some medium-term oil pricing relief following talks between the US and Iran. Iranian officials referred to the meeting as “a good beginning.”

Shares of budget carriers, which have tighter margins and are more sensitive to fluctuations in fuel costs, are leading the surge. Frontier Airlines and Allegiant up more than 13%, while major airlines like United Airlines, American Airlines, and Delta Air Lines are also up at least 6%.

The market more broadly is rebounding on Friday, with the S&P 500 up 1.6% and bitcoin recovering some of this week’s losses.

Airlines have been volatile to start 2026 amid geopolitical tensions, varying annual forecasts, and the impact of winter storms.

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Matt Phillips3h

For memory chips, the “parabolic price hike” is continuing to ramp higher

The remarkable run-up in prices for memory chips continued into early February, analysts at Bernstein Research say, driven largely by data center demand from hyperscalers and cloud service providers (CSP).

Prices for NAND flash memory wafers — a type of memory used in devices, as it retains data even when powered down — soared 35% between the end of 2025 and February 2.

Spot prices for DRAM — ubiquitous short-term data storage chips — jumped about 28% in that period. But that massively understates the remarkable shift in pricing for what were long seen as commodity tech hardware inputs. DRAM prices are more than 2,000% over the last year, while NAND prices are up more than 600% in that period.

The ongoing momentum provides still more support for memory chip plays like Micron and Sandisk, which have been big market winners in recent months.

In a note published earlier this week, Bernstein Research analysts wrote:

“The parabolic price hike continued in Jan. Indicated price increase for 1QCY26 is much stronger than we expected and we hence see upside to our near term memory pricing projection. Unrelenting CSP demand remained the main driver. PC and Mobile demand hasn’t been destroyed yet because of lean inventory & pull-forward purchase. Going forward price hike is expected to continue but likely at a slower rate, as PC and Mobile demand should contract meaningfully this year. Price however may stay elevated throughout this year, supported by CSP demand.”

Chip Unveils Rap Star Wax Figures At Madame Tussauds

Why there’s a “huge vibe divergence” between tech and finance on AI

Tech evangelists are hailing a Claude-fueled seismic shift in computer-based work. Investors are, by and large, selling AI stocks.

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Matt Phillips4h

Bloom Energy earnings get warm reception from analysts

Fuel cell-based power provider Bloom Energy posted better-than-expected Q4 earnings and sales results after the bell on Thursday, sending the stock higher aftermarket and into early Friday trading. Here’s some of the positive chatter from analysts reacting to the bullish results:

Barclays: “What to know: 1) 2026 guide well above the Street for all metrics; 2) Product backlog comes in at $6.0bn with services backlog of $14.0 bn, reflecting 100% attach rate on new bookings.”

Morgan Stanley: “An inflection in growth is now beginning to show up in the financials. Significant 4Q25 earnings beat, product backlog up 2.5x, and 2026 revenue guidance meeting our Street-high forecast: >50% YoY as demand begins to ramp. We stay OW, raise PT to $184 on recent project wins.”

JP Morgan: “We are adjusting our estimates and introducing FY28 estimates with this note. Our YE26 price target goes to $166, from $154. While the stock has significantly outperformed YTD, we maintain our Overweight rating and believe that additional contract announcements should provide further positive catalysts and potentially increased visibility into our unit shipment vs margin sensitivity analysis (see below).”

Evercore ISI: “The most noticeable and arguably most anticipated metric Bloom provided was its current product backlog which currently stands at $6B representing a ~2.5x increase YoY, with total current backlog (product and services) ballooning to $20B. These impressive backlog metrics should provide confidence in the company’s ability to deliver on its newly established $3.1-$3.1B 2026 revenue target (vs. cons. of ~$2.1B) and double its non-GAAP operating income ($450M midpoint vs. $221M 2025A).”

markets

Claire Yubin Oh6h

Stellantis dives after announcing €22 billion (~$26 billion) charge related to its EV pullback

Stellantis shares are tumbling on Friday, down as much as 25% in trading in Milan and its US listing suffering similarly in the premarket, after the Jeep owner announced it would take €22 billion (~$26.5 billion) worth of charges related to scaling down its electric vehicle ambitions.

Announcing a “reset” of its business, Stellantis detailed that the charges “largely reflect the cost of over-estimating the pace of the energy transition that distanced us from many car buyers’ real-world needs, means and desires,” as well as “previous poor operational execution.” The company’s board has also authorized the company to issue up to €5 billion of nonconvertible subordinated perpetual hybrid bonds, in order to preserve “a strong balance sheet and liquidity position” while the business looks to get back to positive free cash flow generation.

The breakdown of the losses are as follows:

€14.7 billion for changing product plans (largely reflecting significantly reduced expectations for battery electric vehicle products).
- Write-offs related to canceled products of €2.9 billion.
- Impairment of platforms of €6.0 billion.
- €5.8 billion of the sum will be cash payments spread over the next four years, relating to “cancelled products as well as other ongoing BEV products whose volumes are now expected to be considerably below prior projections.”
€2.1 billion of charges related to the resizing of the EV supply chain.
- €0.7 billion of that will be cash payments also spread over the next four years.
€5.4 billion related to other changes in the company’s operations.

Stellantis’ strong bet on electric vehicles under former boss Carlos Tavares has been de-emphasized since Antonio Filosa became the CEO in June 2025, but this morning’s announcement suggests a much more significant shift in strategy.

The company also noted that these initial measures have returned its business to positive volume growth, sharing in a separate report that the company notched 1.5 million units shipped in Q4 2025, up 9% year on year.

Stellantis will host a call at 8 a.m. ET to discuss the preliminary results, before releasing its full-year report on February 26.

The company also said it will not pay an annual dividend in 2026 and announced that it agreed to sell its 49% stake in battery manufacturer NextStar Energy to LG Energy Solution.

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